Japan to invest another $ 40 million in Azerbaijan's agricultural sector

"After the glorious victory in the Patriotic War under the leadership of President Ilham Aliyev, Azerbaijan has entered a new historical stage. On the basis of Azerbaijan 2030: National Priorities for Socio-Economic Development, our country has ample opportunities to accelerate economic growth, which is sustainable, inclusive, and based mainly on private initiatives," President of the National Confederation of Entrepreneurs (Employers) Organizations of the Republic of Azerbaijan Mammad Musayev said at the Azerbaijan Investment and Culture Summit organized by the Small and Medium Business Development Agency (SMBDA) and the Islamic Cooperation Youth Forum (ICYF) with the support of the Ministries of Economy and Culture.

According to him, effective and efficient management of the role of the state in the economy through market reforms, strengthening private property institutions, further liberalization of trade relations in order to increase access to local markets will be key factors of economic growth: "Undoubtedly, today, the location of industrial enterprises in specialized clusters is one of the main directions of Azerbaijan's industrialization strategy until 2030. President Aliyev's decree "On measures to improve the management of industrial parks, industrial districts, and agro-parks" so as to improve administrative mechanisms, increase the production efficiency of these structures, as well as the foundation of "Araz Valley Economic Zone" industrial park with the participation of the President, institutional reforms implemented as a result of the goals set for the Aghdam Industrial Park are of exceptional importance in increasing investment attractiveness."

He noted that the revival of the industrial potential of Karabakh and East Zangazur will be a strong incentive to attract new large investments in the non-oil sector, as well as to create an efficient production chain within the country: "As a result of these activities, the parity of all components of the economy in the formation of GDP will become a reality."

Musayev added that as a result of such meetings with the Japanese company TET International Development, $ 10 million has been invested in the country's agricultural sector, and another $ 40 million is expected to be invested.